National Australia Bank announced it has entered into an agreement to sell its National Australia Trustees business.
In a press release IOOF Holdings (IOOF) said that it has reached an agreement with National Australia Bank (NAB) to acquire National Australia Trustees (NATL).
IOOF’s trustee business, Australian Executor Trustees (AET), is one of Australia's largest and most experienced specialist providers of estate and trustee services. As at 31 March 2017 IOOF had $112.8 billion funds under management, administration and advice.
As well as trustee services including compensation trusts, estate planning and corporate trust services IOOF provides financial advice and distribution services through a network of financial advisers and stockbrokers.
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The acquisition of NATL means IOOF will become one of Australia’s largest compensation trust providers. The firm has also been looking into acquiring other wealth, trust and asset management units of larger competitors who have come under increasing regulatory and costs pressure.
Completion of the sale is subject to regulatory approval and is expected to be finalised in the next few months.
